Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a stable operation with an employee stock ownership plan aimed at enhancing motivation [6] - In Q2 2024, the company achieved revenue of 6.462 billion yuan, a year-on-year increase of 7.98%, and a net profit attributable to shareholders of 1.534 billion yuan, up 11.12% year-on-year [10] Summary by Sections Financial Performance - In H1 2024, the company recorded revenue of 14.156 billion yuan, a year-on-year increase of 9.18%, and a net profit of 3.453 billion yuan, up 11.52% year-on-year [10] - Q2 2024 revenue breakdown by product: soy sauce (3.179 billion yuan, +2.98%), oyster sauce (1.041 billion yuan, +1.25%), seasoning sauce (651 million yuan, +11.26%), and other categories (1.080 billion yuan, +22.52%) [10] - Online and offline channels in Q2 2024 generated revenues of 315 million yuan (+38.16%) and 5.635 billion yuan (+5.27%) respectively [10] - Regional performance in Q2 2024 showed varied growth: Eastern (-14.39%), Southern (+13.28%), Central (+2.61%), Northern (+5.98%), and Western (+6.42%) [10] Profitability - The gross margin in Q2 2024 increased by 1.60 percentage points to 36.33% due to the release of raw material cost benefits [10] - The net profit margin rose by 0.74 percentage points to 23.79% [10] Employee Stock Ownership Plan - The company announced an employee stock ownership plan for 2024-2028, with performance targets set for a minimum 10.8% increase in net profit attributable to shareholders compared to 2023 [10] Future Projections - Revenue projections for 2024-2026 are adjusted to 26.950 billion yuan, 28.849 billion yuan, and 31.444 billion yuan, with year-on-year growth rates of 9.73%, 7.05%, and 8.99% respectively [10] - Net profit projections for the same period are 6.243 billion yuan, 6.772 billion yuan, and 7.561 billion yuan, with growth rates of 10.96%, 8.47%, and 11.64% respectively [10]
海天味业:经营稳健,员工持股提升积极性